Do you need to finance a car? Are you worried about credit approval? We understand. It’s a stressful time to get approved for any line of credit, and large installment loans are the most challenging. Banks and finance companies have become “tight-fisted” with their money, preferring to work only with the most qualified candidates. However, we know that the average American doesn’t have a 780 credit score and endless disposable income. That’s where we come in. Whether you’re looking for a used car or a new one, we can help you get behind the wheel at rates you can afford. That’s because we work with banks, dealers, and other lenders who want your business.
Maryland Auto Finance Basics
- To start with, you need to apply online.
- We match you, when possible, to the best auto loan company in Maryland, given your income, down payment, and location.
- You finalize your car loan documentation and pick your vehicle from a local car dealership.
Simply click here to apply online.
Maryland Credit/Income Statistics
- Average MD Income: $48,241 Yearly
- Average MD Credit Score: 688
- Vehicles Registered: 4,105,940
Minimum Approval Requirements
Nearly all Maryland banks, credit unions, dealers, and lenders require that you make a minimum of $1500 income a month, and your total monthly debt, inclusive of your new loan, shouldn’t be more than one half of your earnings. For folks who live in Maryland, this is $2,010, on average. Even when you can’t satisfy the aforementioned criteria, you may be able to qualify by taking one or more of these steps:
- Provide a Co-signer
- Provide More Money Down
- Opt for Car Dealers That Finance Bad Credit
Offering a down payment is a good idea. In fact, a lot of loan companies will demand that you do so. Generally, lenders will be happy with an advance payment of 15-20%. Another aspect to consider is your monthly payment. Try not to commit over 18 to 20% of your income to your car payment, fuel, and insurance. Listed below are numbers for the average Maryland resident.
- $48,241: Income (Yearly)
- $4,020: Income (Monthly)
- $724 to $804: Monthly Payment
Do you have a bad credit score? That’s okay. Most lenders in our network are far more concerned with your current ability to pay, not your past credit history. However, low credit scores will translate to higher interest rates – this is as certain as death and taxes. For that reason, a down payment is all the more important, as it will militate against a negative equity situation. Negative equity, as you probably know, simply means that the vehicle being financed is worth less than what’s owed.